Archive for the ‘salaries and wages’ Category

In the Shadow of the Great Recession: Experiences and Perspectives of Young Workers

December 19, 2014 Comments off

In the Shadow of the Great Recession: Experiences and Perspectives of Young Workers (PDF)
Source: Federal Reserve Board

Young adults in the United States have experienced higher rates of unemployment and lower rates of labor force participation than the general population for at least two decades. The Great Recession exacerbated this phenomenon. Despite a substantial labor market recovery from 2009 through 2014, vulnerable populations—including the nation’s young adults—continue to experience higher rates of unemployment.

Meanwhile, changes in labor market conditions, including globalization and automation, have reduced the availability of well-paid, secure jobs for less-educated persons, particularly those jobs that provide opportunity for advancement. Furthermore, data suggest that young workers entering the labor market are affected by a long-running increase in the use of “contingent” work arrangements, characterized by contracted, part-time, temporary, and seasonal work.

In light of these trends, in 2013, the Federal Reserve Board’s Division of Consumer and Community Affairs began exploring the experiences and expectations of young Americans entering the labor market. Staff reviewed existing research and engaged external research and policy experts to identify the potential economic implications of these labor market trends on young workers.

This initial exploration raised several questions about the experiences of young workers that were not fully explained by existing data. In response, the Federal Reserve conducted a survey, the Survey of Young Workers, in December 2013 to develop a deeper understanding of the forces at play.

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2013 Demographics: Profile of the Military Community

December 8, 2014 Comments off

2013 Demographics: Profile of the Military Community (PDF)
Source: U.S. Department of Defense

Overview of Military Personnel

The total number of military personnel is over 3.6 million strong, including DoD Active Duty military personnel (1,370,329); DHS’s Active Duty Coast Guard members (40,420); DoD Ready Reserve and DHS Coast Guard Reserve members (1,102,419); members of the Retired Reserve (214,938) and Standby Reserve (14,408); and DoD appropriated and non-appropriated fund civilian personnel (874,054). DoD’s Active Duty and DHS’s Coast Guard Active Duty members comprise the largest portion of the military force (39.0%), followed by Ready Reserve members (30.5%) and DoD civilian personnel (24.2%).

36 Presidents of Private Colleges Earned More Than $1-Million in 2012 (12/8/14)

December 8, 2014 Comments off

36 Presidents of Private Colleges Earned More Than $1-Million in 2012
Source: Chronicle of Higher Education

Three dozen private-college presidents earned more than $1-million in 2012, with the typical leader making close to $400,000, a Chronicle analysis has found.

The millionaire club increased by one from the year before, and the median pay rose by 2.5 percent.

The highest-paid leader was Shirley Ann Jackson of Rensselaer Polytechnic Institute. Ms. Jackson, who has regularly ranked in the top 25, earned just over $7.1-million, up from nearly $1.1-million in 2011. A large portion of her 2012 earnings came from a payout of almost $5.9-million that had been set aside over 10 years as a retention incentive.

No. 2 on the list, John L. Lahey of Quinnipiac University, made close to $3.8-million in 2012. That included about $2.8-million in compensation that had been set aside in previous years.

The top-10 list featured some familiar names, including the highest-paid Ivy League president, Lee C. Bollinger of Columbia University, at nearly $3.4-million, and John E. Sexton of New York University, at just over $1.4-million.

Smart money: What teachers make, how long it takes and what it buys them

December 5, 2014 Comments off

Smart money: What teachers make, how long it takes and what it buys them
Source: National Council on Teacher Quality

What teachers are paid matters. Many factors play a role in making the decision to become a teacher, but for many people compensation heavily influences the decision not only to enter the profession but also whether to stay in it and when to leave. For teachers, knowing where salaries start and end isn’t enough; they must also understand the path they will take from starting salary to the top of the scale.

Teacher Pay Penalty

December 2, 2014 Comments off

Teacher Pay Penalty
Source: Economic Policy Institute

There is an increased emphasis in building a quality teacher workforce but little attention paid to the pay penalty teachers face for working in their profession.

The figure below shows that teachers earn less than other similar non-teacher college-educated workers. Teachers working in the public sector who are represented by a union earn 13.2 percent less than other comparable college graduates. The pay gap is largest for private sector teachers without union representation (-32.1 percent). Separate analyses by gender are also presented given that the overwhelming majority of teachers are women (around 72 percent)—here female teachers were only compared to female non-teacher college-educated workers, and male teachers were only compared to male non-teacher college-educated workers. Compared to female teachers, the teacher pay penalty is worse for male teachers for each of the four teacher groups. In general, teacher pay disadvantages are mitigated if teachers are employed in the public sector—and more so if they have union representation.

EU — Minimum wage statistics

December 1, 2014 Comments off

Minimum wage statistics
Source: Eurostat

This article illustrates how minimum wage levels vary considerably across the European Union (EU) Member States; it also provides a comparison with the situation in the candidate countries and the United States.

Minimum wage statistics, as published by Eurostat, refer to national minimum wages. The national minimum wage usually applies to all employees, or at least to a large majority of employees in a country. It is enforced by law, often after consultation with social partners, or directly by a national intersectoral agreement.

Minimum wages are generally presented as monthly wage rates for gross earnings, that is, before the deduction of income tax and social security contributions payable by the employee; these deductions vary from country to country.

National minimum wages are published by Eurostat bi-annually. They reflect the situation on 1 January and 1 July of each year. As a consequence, modifications to minimum wages introduced between these two dates are only shown for the following bi-annual release of data.

Major Decisions: Graduates’ Earnings Growth and Debt Repayment

November 20, 2014 Comments off

Major Decisions: Graduates’ Earnings Growth and Debt Repayment
Source: Brookings Institution

Student debt is becoming the norm for young adults in America. Aggregate student loan debt has more than tripled over the past decade, as both the number of borrowers and the size of the average balance have increased. Today, roughly 70 percent of American bachelor’s graduates leave school with debt. For these borrowers, the typical balance is $26,500—half owe more than this amount and half owe less.

The high incidence of student debt says nothing about whether taking out student loans to pay for college is a good idea. In a previous economic analysis Major Decisions: What Graduates Earn Over Their Lifetimes, The Hamilton Project examined earnings for approximately 80 majors and found that, throughout the entire career, median earnings for every major are higher than those for high school graduates. Differences in earnings reflect both the return to skills acquired in pursuit of a degree and the underlying capability and work ethic of individuals who pursue college education. However, experts agree that for most students, college will pay off by large margins over a lifetime.

But how easily students can repay the loans used to pay for college is another matter. While career earnings tend to grow rapidly for almost every major, student loans are typically repaid in the first decade of the career when earnings are at their lowest. Such a repayment strategy places a particularly heavy burden on graduates whose earnings start low before rising later in their careers. For these students, college likely still pays off in the end, but it may not provide the cash flow needed to easily pay off loans in the years immediately following graduation.

In this second economic analysis in the Major Decisions series, The Hamilton Project turns to the question of loan repayment. The analysis explores the relationship between earnings growth over one’s career and the relative burden of debt repayment across 80 majors. Specifically, we examine the share of monthly earnings needed to make monthly loan repayments for each major under the traditional 10-year repayment plan. Accompanying the analysis is a new interactive feature that combines a debt repayment calculator with major-specific earnings trajectories, allowing the user to see what share of earnings will go to debt repayment for each year of the repayment period.


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